Industrial Fasteners Industry Overview
The global industrial fasteners market size was valued at USD 86.12 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028.
Increasing production of industrial machinery and components is expected to ascend the penetration of industrial fasteners over the forecast period. Suspension of industrial operations to curb the spread of COVID-19 across the globe affected the product demand in 2020. Moreover, the service and maintenance operations for industrial machinery were impacted, thus hampering the product demand in 2020. However, the manufacturing industry in the U.S. is significantly producing automotive and industrial machinery, thus the product demand remains high in the country. The growing production of lightweight Electric Vehicles (EVs) in the country is likely to positively influence the demand for plastic fasteners and substitutes, including adhesives and sealants.
Gather more insights about the market drivers, restrains and growth of the Global Industrial Fasteners Market
The market is characterized by the presence of numerous suppliers with high production volumes and wide product portfolios. Fasteners have high demand across major sectors including automotive, construction, machine manufacturing, electronics, shipbuilding, and railways. The technical standards and quality are the key factors to be considered while manufacturing and employing these fasteners in various end-use applications. A rise in the production of commercial aircraft owing to the increase in the number of air passengers across the globe has augmented the demand for specialty-grade fasteners.
Moreover, increasing automotive production, especially in the EVs segment, is expected to offer growth momentum to the market. Application-specific fasteners offered by the manufacturers need to comply with several standards including the American Society for Testing and Materials (ASTM), American Society of Mechanical Engineers (ASME), British Standards (BS), Deutsches Institut fur Normung (DIN), and Japanese Industrial Standards (JIS).
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- North America, Europe And Oceania Building And Construction Fasteners Market – The North America, Europe and Oceania building and construction fasteners market size was estimated at USD 4.07 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 5.0% from 2020 to 2028. A rise in demand for residential and commercial constructions in North America and Europe is expected to drive the market.
- Asia Pacific Industrial Fasteners Market – The Asia Pacific industrial fasteners market size was estimated at USD 31.22 billion in 2017. The product plays a vital role in most major industries, including automotive, aerospace, shipbuilding, and industrial machinery. Rapid growth of these industries on account of increasing mechanization in residential and industrial construction is expected to propel product demand.
Industrial Fasteners Market Segmentation
Grand View Research has segmented the global industrial fasteners market report on the basis of raw material, product, application, and region:
- Industrial Fasteners Raw Material Outlook (Revenue, USD Million, 2017 – 2028)
- Industrial Fasteners Product Outlook (Revenue, USD Million, 2017 – 2028)
- Externally Threaded
- Internally Threaded
- Aerospace Grade
- Industrial Fasteners Application Outlook (Revenue, USD Million, 2017 – 2028)
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawn and Garden
- Motors and Pumps
- Plumbing Products
- Industrial Fasteners Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- January 2020 – Stanley Black & Decker, Inc. (SWK) procured Consolidated Aerospace Manufacturing, LLC (CAM), which plans and fabricates inventive, exceptionally latch arrangements and designed equipment for requesting aviation applications around the world.
Key Companies profiled:
Some prominent players in the global industrial fasteners market include:
- Arconic Fastening Systems and Rings
- Acument Global Technologies, Inc.
- ATF, Inc.
- Dokka Fasteners A S
- LISI Group – Link Solutions for Industry
- Nippon Industrial Fasteners Company (Nifco)
- Hilti Corporation
- MW Industries, Inc.
- Birmingham Fastener and Supply, Inc.
- SESCO Industries, Inc.
- Elgin Fastener Group LLC
- Rockford Fastener, Inc.
- Slidematic Precision Components, Inc.
- Manufacturing Associates, Inc.
- Eastwood Manufacturing
- Brunner Manufacturing Co., Inc.
- Decker Industries Corporation
- Penn Engineering & Manufacturing Corporation
- Illinois Tool Works, Inc.
- Stanley Black & Decker, Inc.
- KOVA Fasteners Pvt. Ltd.
- Standard Fasteners Ltd.
- Precision Castparts Corp.
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